Madras HC Orders Fresh Assessment as Bona Fide Error in Section 54EB Exemption Claim Was Ignored

K. Devarajulu (HUF) Vs DCIT (Madras High Court) The Madras High Court allowed an appeal filed by the assessee against the order of the Income Tax Appellate Tribunal, Chennai, relating to Assessment Year (AY) 2000-01. The case arose from the denial of exemption claimed by a Hindu Undivided Family (HUF) on long-term capital gains following the sale of agricultural land. The assessee filed its return of income on 30.01.2003, declaring that it had acquired 1.22 acres of land during the financial year 1991-92. During the previous year 1999-2000, it sold 70 cents of the land and claimed exemption un...